The global energy harvesting market is poised for significant growth, with a projected market value of USD 940.7 million in 2023. The market is expected to reach USD 1950 million by 2033, trailing a compound annual growth rate (CAGR) of 7.5% during the forecast period.
Key Market Drivers and Trends
The rapid adoption of energy harvesting technologies and their increasing integration into home automation systems are key factors driving market growth. The growing trend toward green energy solutions, such as solar and wind power, is shaping the future of energy harvesting, while supportive government initiatives aimed at reducing greenhouse gas emissions are fueling further expansion.
One of the primary applications driving the demand for energy harvesting systems is the use of wireless sensor networks (WSNs) across various industries. As the Internet of Things (IoT) gains traction in smart cities, smart homes, Industrial IoT (IIoT), and Machine-to-Machine (M2M) communications, the need for reliable and energy-efficient solutions continues to rise. These systems help power IoT devices while reducing dependency on traditional power sources.
Research and development (R&D) in new energy harvesting technologies and advancements in sustainable energy sources are expected to push the market’s growth further.
Application Segmentation
The energy harvesting market is diverse, with various applications including consumer electronics, automotive, healthcare, aerospace, building automation, and more. In 2023, consumer electronics—such as mobile phones, smartwatches, and wearable devices—are projected to account for the largest share of the market, followed by military and aerospace applications.
However, the home and building automation sector, driven by smart lighting and security systems, is anticipated to be one of the fastest-growing segments in the energy harvesting market, with a projected CAGR of 8.4%. The widespread adoption of energy harvesting in wireless sensor networks (WSNs) is also playing a crucial role in the market’s evolution.
Competitive Landscape
The energy harvesting industry is highly competitive, with key players making substantial investments to improve their manufacturing capabilities.
The key industry players operating in the market are ABB Limited, Arveni, Enocean, Fujitsu, Cypress Semiconductor Corp., Green Peak Technologies, Honeywell International Inc., Levant Power Corporation, Marlow Industries Inc., Microchip Technology Inc., MicroGen Systems, Maxim Integrated, G24 Innovations Limited, Texas Instruments Inc., and STMicroelectronics.
Latest Developments in the Energy Harvesting Market
- E-Peas SA and Energous Corporation jointly introduced a Wireless Energy Harvesting Evaluation Kit in September 2022. The kit is specifically designed for energy harvesting applications in smart buildings, smart homes, industrial IoT, medical devices, and asset tracking in retail and warehouses.
- STMicroelectronics unveiled the STM32U5 series, a new generation of highly power-efficient microcontrollers (MCUs), in February 2021.
- In January 2022, E-Peas SA introduced an Ultra-Compact Custom Power Management Solution for Cartier’s inaugural solar energy harvesting watch, the Tank watch.
- In September 2022, Energous Corporation and E-Peas jointly released a new Wireless Energy Harvesting Evaluation Kit.
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Key Segments Profiled in the Energy Harvesting Market Industry Survey
By Source:
- Radiation (Solar, Electromagnetic, and Light)
- Mechanical (Fluid, Elastic, Kinetic, and Potential)
- Chemical (Battery, Fuel cells, and Phase change)
- Nuclear
- Magnetic
- Electric
- Thermal
- Gravitational
By Application:
- Wireless Sensor Network (WSN)
- Consumer Electronics, Industrial
- Building
- Bicycle dynamo
- Military and Aerospace
- Automotive
- Healthcare
- Others (Research, Animals, and Farming)
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
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